Q: If a child gets a cd in her name, she's the only beneficiary, her grandfather was the trustee, can anyone else get the $
The child and grand father are the only names on the acct. The grandfather opened it in her name when she was a baby after the childs father passed away. The grandfather passes and the only 2 names ever on the acct are the child and the grandfather. Can the grandmother pull out the money without the grand daughter allowing it if the child hasn't reached the age of fruition
This depends on the ownerhip of the account. If they owned the account as joint tenants with rights of survivorship, then the grandmother would only be able to access the account if she were claiming some spousal share of her husband, but she would first have to go through a court proceeding to get access to the account.
I am not sure how those accounts are set up in their system. If the primary is the only account owner and the minor has limited rights to withdraw then perhaps the minor isn't really the owner which would mean that ownership would stay with grandpa most likely go back to grandma.
You really need to find out, how the bank classified granddaughter and grandma either as owners or some other way and finally, whether Grandma is claiming her spousal election. The spousal election is the first $75,000 and 1/3 of remaining of grandpa's property.
I hope this helps.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.